New York S 6183: Enacts the "house New Yorkers first act"

Bill Text

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S06183 Summary:

BILL NOS06183 

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SAME ASSAME AS A04965

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SPONSORPARKER

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COSPNSR

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MLTSPNSR

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Add §284, RP L

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Establishes a five-year moratorium on foreign entities purchasing homes in New York state unless the purchase is for a primary residence; directs the department of state to conduct a study on the effects of the moratorium on the housing market and to send a report on the study to the legislature; specifies data and indicators to analyze for the study; defines terms.

Go to top S06183 Actions:

BILL NOS06183 

&nbsp

03/06/2025REFERRED TO JUDICIARY

01/07/2026REFERRED TO JUDICIARY

Go to topS06183 Committee&nbspVotes:

Go to topS06183 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06183 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6183

 2025-2026 Regular Sessions

 IN SENATE

 March 6, 2025
 ___________

 Introduced by Sen. PARKER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Judiciary

 AN ACT to amend the real property law, in relation to enacting the
 "house New Yorkers first act"; and providing for the repeal of such
 provisions upon the expiration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "house New Yorkers first act".
 3 § 2. The real property law is amended by adding a new section 284 to
 4 read as follows:
 5 § 284. House New Yorkers first act. 1. For purposes of this section,
 6 the following terms shall have the following meanings:
 7 (a) "Residential real property" means real property improved by a one-
 8 to four-family residence, a condominium or a cooperative unit.
 9 (b) "Foreign entity" or "foreign entities" means an individual who is
 10 not a citizen of the United States, or such individual's successors and
 11 assigns, or a corporation, trust, association or partnership organized
 12 outside the laws of the United States, or such corporation, trust, asso-
 13 ciation or partnership's successors and assigns.
 14 2. (a) Notwithstanding any other provision of law, for a five-year
 15 period beginning on the effective date of this section, no foreign enti-
 16 ty shall purchase any residential real property within the state of New
 17 York, unless such foreign entity purchases such property for the purpose
 18 of establishing a primary residence within the state.
 19 (b) Sellers of residential real property shall verify that purchasers
 20 are not foreign entities prior to executing any conveyance.
 21 3. (a) In the year two thousand twenty-eight, the department of state,
 22 in conjunction with the city of New York department of city, shall
 23 conduct a study on residential housing data collected throughout the
 24 state. Such study shall analyze such data collected on and after the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09038-01-5

 S. 6183 2

 1 effective date of this section against data collected from two thousand
 2 ten until the date this section took effect and determine if such data
 3 indicates a retention of residents who live in the state as their prima-
 4 ry residence or a trend of residents leaving the state, based on the
 5 indicators set forth in paragraph (b) of this subdivision. Such data to
 6 be analyzed shall include, but not be limited to:
 7 (i) foreclosure rates in the state as determined by the office of the
 8 comptroller;
 9 (ii) municipal tax rolls to assess property conveyance rates;
 10 (iii) the amount of evictions commenced in the state;
 11 (iv) monthly housing market index (HMI) surveys conducted by the
 12 national association of home builders; and
 13 (v) any other information the department of state or the city of New
 14 York department of city deems relevant.
 15 (b) Such study shall assess, but not be limited to, the following
 16 indicators based on the data collected in accordance with paragraph (a)
 17 of this subdivision:
 18 (i) the amount of New York state residents who have retained homeown-
 19 ership in the state since the moratorium established by this section has
 20 gone into effect against t